Trump’s latest tariffs on China target steel, metal products

Darrel Walker |Thursday, September 20, 2018

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Such a fundamental reshaping of the U.S. "But, so far, China has been unwilling to change its practices". That would raise the total affected by US penalties to $517 billion - covering almost everything China sells the United States. But if cooler heads prevail, there is still the possibility that a settlement can be reached.

After imposing tariffs on an additional $200 billion in Chinese goods, the Chinese government is retaliating against the Trump administration, with tariffs on $60 billion of US imports.

India to wait and watch While India has also been subject to U.S. tariffs of 25% on steel and 10% on aluminium exports, it has reportedly made a decision to postpone levying its own set of retaliatory tariffs on certain USA goods it had planned earlier this year.

In the case of China, businesses there will suffer from the loss of exports to the U.S.

Tariffs tend to increase consumer prices, but analysts say the increase in prices from Trump's tariffs is likely to be small, at least for now. As a free market democracy, the United States does not have the same kind of ability to manipulate its economy. And the way I look at it: past year, we lost over $500 billion to China. He affirmed promises to treat companies equally - a condition to which China committed when it joined the WTO in 2001 but that foreign business groups and governments say it regularly violates. As counterintuitive as it might seem, the president sees this fact as ultimately helping USA workers.

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After the United States said earlier this week that it would impose 10% levy on $200 billion (₹14.5 trillion) on Chinese imports, China has hit back.

The Chinese government will not resort to forceful stimulus. It's not clear if other measures will follow. Democrats have opposed most of his agenda, but many have supported his attacks on trade with China. "It's too big and too complicated with too many ramifications".

Before its meteoric rise, China was seen by the United States as a benign force to be nurtured.

It could punish American businesses that depend on China.

Defending itself from that threat could be seen as a win for the USA, even in the face of short-term losses. Business leaders are warning the high-stakes strategy could upend their supply chains and raise costs, as economists worry Trump's tactics could derail the broadest global upswing in years.

"If he does that, we're just headed inevitably for an economic Cold War with China", said economist Gary Hufbauer of the Peterson Institute for International Economics.

China has yet to publicly accept an invitation extended last week by U.S. Treasury Secretary Steven Mnuchin to hold a fresh round of talks, which China welcomed at the time. China matched them dollar for dollar with its own. It also wants global stability.

While Chinese manufacturing greatly depends on US technology, China is pulling ahead in some areas, including electric cars and artificial intelligence.

China on Wednesday denied US President Donald Trump's claims that it was meddling in the US mid-term elections by taking aim at his political base in their escalating trade war.

The Trump administration is trying to pressure Beijing to change its behavior, accusing it of overseeing the theft of United States intellectual property and boosting Chinese companies through aggressive industrial policies.

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But, it added "the likelihood of de-escalation will rise over time as the increasing economic impact in the US will make the Trump team less combative, and China realises that it will be hard to integrate more into the global economy without some concessions regarding its specific economic model". But Massot thinks it is far from impossible. But that doesn't mean winning it would be pleasant.

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